Intro to Econ vocabulary

Which of the following are examples of needs

• I-Phone

• Food

• Work

• Crunchwrap Supreme

• Shelter

The condition that results from society not having enough resources for both wants and needs

• Economics

• There Is No Such Thing As A Free Lunch

• Scarcity

• Opportunity Costs

Explain the economic concept of "There is No Such Thing As a Free Lunch"

Because we live in a society of scarce resources, what are the three basic questions surrounding production?

• What to produce

• How fast to produce

• How expensive to produce

• How to produce

• For whom to produce

Which of the following are examples of wants

• Shelter

• Pizza

• Vans shoes

• Clothing

• Food

This social science is the study of how people try to satisfy what appears to be seemingly unlimited and competing wants, through the careful use of relatively scarce resources.

BONUS: How is economics fundamentally about choices?

Whatever you "give up" when you do something is called the?

• Net Loss
• Opportunity Cost
• Loss Factor
• Second Choice

Which of the following is not a Factor of Production?

• Land
• Labor
• Capital
• Cash

A place where buyers and sellers meet to exchange goods and services is called a?

• Market
• Mall
• Stock Market
• Town Square